Coolagowan farm has sold for €50,000 over its guide price, for a figure that equates to almost €16,200/acre, in a sale handled by Richard Ryan of GVM Kilmallock.
Only 10 people attended the auction of circa 24.7 St. acres at Coolagowan, Castletown, Kilmallock, Co. Limerick, but the sale was met with a hive of online and on-site bidding.
Ahead of the auction, the auctioneer described this as “an excellent quality roadside farm situated in the heart of the Golden Vale extending to c. 24.7 st. acres with derelict farmhouse residence thereon”.
The lands are considered “excellent quality all in permanent pasture laid easily managed divisions”.
“There is a traditional type farmhouse residence thereon, which is in need of complete refurbishment,” he added.
The opening bid at €200,000 was “rapidly” followed up by (20) €10,000 bids from two on-site bidders and one online bidder to reach €400,000, at which stage there was a recess.
On returning after the recess, Ryan stated that he had received instructions from the vendors and declared the property was on the market.
At this point, there were no further bids and Mr. Ryan’s gavel came at €400,000, the figure the property went on the market at to an on-site bidder.
The underbidder was not present on the day but was bidding online, according to the firm.
Auctioneer comments
Commenting following the auction, Richard Ryan of GVM Kilmallock, said:
“I was very satisfied with the price achieved which was €50,000 over the guide price.”
“What really made the holding attractive was that the land quality was naturally very good and the fact that there was a derelict residence offered a lot of potential.”
“The generous refurbishment grants for this house type also very much add to the overall attractiveness of this property.”
The vendors were represented by Peter O’Dea of O’Connor O’Dea Binchy, Solicitors Charleville.
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